The local stock market rose after President Ferdinand R. Marcos Jr.’s State of the Nation Address despite the drop in property stocks due to the announced POGO ban.
The main index rose by 41.07 percent or 0.61 percent to close at 6,753.12 as Conglomerates led the advance while the Property and Banking sectors declined. Volume was lower at 401 million shares worth P5.47 billion as losers beat gainers 93 to 63 with 74 unchanged.
“Philippine shares followed Wall Streets positive sentiment, with technology stocks rebounding from last week's sell-off,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that “in the US, investors have been adjusting their assumptions now that President Joe Biden will not be seeking re-election, while local investors digested the latest SONA delivered by President Marcos.”
Philstocks Financial Research and Engagement Officer Mikhail Plopenio said “the local market rose as investors digested President Ferdinand Marcos, Jr.’s latest State of the Nation Address this past Monday.“
“Also, the improvement of the country’s poverty incidence level, coming in at 15.5 percent in 2023, lower than 2021’s 18.1 percent was cheered by many," he added.
Plopenio also noted that “the positive spillovers from Wall Street overnight amid optimism on US Q2 corporate results added a boost to the local bourse. Net foreign fund inflows amounting to P442.93 million also helped in today’s climb."